Moody's Investors Service announced today it had upgraded three classes of notes issued by Robeco CDO VI, a vehicle traded in the Euro-market. The CDO is managed by Robeco Institutional Asset Management B.V.
The following classes were affected: EUR61.2 million class C secured floating rate credit-linked notes, due 2008, were upgraded to Aa2 from Aa3; the EUR30.6 class D secured floating rate credit-linked notes, due 2008, were upgraded to A3 from Baa1; and the EUR229.5 million Class P combination notes were upgraded to A2 from Aa3.
According to the agency, the upgrades were prompted by the level of trading gains accumulated in the structure and noted no reference obligation has a rating below the minimum rating for inclusion in the portfolio (Ba3) and only 2.6% of the maximum portfolio amount consists of speculative grade reference obligations, among other findings. The upgrade of the class P combination notes was attributed to the decrease of the rated balance.